topic Re: FICO score headed to zero - in General Credit Topics

FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 20:22:15 GMT

So I have no debt, no mortgage no car loans, all paid off. My FICO last year (2018) was 825. Now its around 325 an falling, on its way to zero...... I have a high networth and high income. I feel like i'm being penalized for not carring any debt and "playing the game". I have no interest in having a credit card, or getting a small loan just so i make payments to rebuild credit!

Im sure theres nothing i can do about this???

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 20:43:03 GMT

This doesn't sound correct. Do you have delinqeinces , collections, late payments etc...?

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 20:46:00 GMT

God no. Never had a late payment - ever - and always paid any loans off or CC cards off early.

Re: FICO score headed to zero -

Jnbmom — Mon, 27 Jan 2020 20:49:07 GMT

First off I have never seen a score that low?

If your “were” 825 in 2018 you had to have accounts reporting and they would continue to report up to 10 years even if closed.

This just doesn’t add up at all...........

Re: FICO score headed to zero -

SouthJamaica — Mon, 27 Jan 2020 20:49:48 GMT

@Anonymous wrote:
So I have no debt, no mortgage no car loans, all paid off. My FICO last year (2018) was 825. Now its around 325 an falling, on its way to zero...... I have a high networth and high income. I feel like i'm being penalized for not carring any debt and "playing the game". I have no interest in having a credit card, or getting a small loan just so i make payments to rebuild credit!
Im sure theres nothing i can do about this???

Where are you getting your alleged score from?

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 20:54:28 GMT

I agree, no one can tell me why its falling. Credit Carma makes recomendations for me and encurrages me to take a loans for credit building. Any idea?

Re: FICO score headed to zero -

K-in-Boston — Mon, 27 Jan 2020 21:11:29 GMT

Credit Karma does not provide FICO scores, only VantageScore 3.0 scores. To have a score that low would have to have some devastating negative information. FICO scores do not go to 0. The bottom number varies by the score type, but generally it is a number in the 300s, and even those who have filed bankruptcy recently or have every single account late don’t have scores that low.

You can get a free Experian FICO 8 score at creditscorecard.com

There is no need to carry debt and pay interest in order to have good credit scores.

Re: FICO score headed to zero -

AllZero — Mon, 27 Jan 2020 21:15:28 GMT

In addition to the above, you can get your 3 bureau FICO 8 scores for $1. Go to experian.com or creditchecktotal.com, cancel in 7 days or less to avoid the re-occurring charge.

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 21:18:44 GMT

Well thats what I thought. I figuared if my score was 825 serval years ago it would remain there. It's acting like i have pasted away or something, it's slowly falling since i have had no reportable information................

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 21:20:37 GMT

The 3 credit agencies

Re: FICO score headed to zero -

Nomad3 — Mon, 27 Jan 2020 21:26:45 GMT

Its hard to believe you had a score of 825 with no reporting credit cards. Revolving credit is one of the biggest categories for points. I didn't think you could even have score that high without having credit cards. I might be wrong?

But like others have said, get your Fico scores. Credit karma uses vantage3.0 and they are weird when it comes to closed installment loans. My closed auto isn't even factored. Get your ficos and if they are decent get a credit card or two, you dont have to pay annual fees or even pay interest to get good score points from them. Plus they usually give you more protection and perks than cash/debit. Its definitely "worth it" to play the "game".

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 21:33:28 GMT

I have other freinds that are starting see there score slowly slide down as well. I'll check it again with the recommendations you guys gave me and ill report back with my score. Im worried FICO is trying to keep us in the debt mill................

Re: FICO score headed to zero -

AllZero — Mon, 27 Jan 2020 21:36:36 GMT

Just re-reading your post.

VantageScore looks at only open accounts. Probably why your VS # is low.

FICO looks at open and closed accounts.

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 21:39:50 GMT

There all closed but i'll bouble check them..............

Re: FICO score headed to zero -

Remedios — Mon, 27 Jan 2020 21:43:05 GMT

Yo, Vantage scores do take closed accounts onto calculations. It's CK user interface that does not.

If you have no active accounts that have reported in the last 6 months, you wont be able to get FICO score either.
So, cave in, get one card, buy a pack of gum every 3 months, pay your bill after the statement is ready.
Problem solved.

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 21:47:20 GMT

Yeah, i'll check out Vantage and see what it says. With my curret FICO score im sure i cant get a CC lol. Would having a "frozen" SS# with the 3 credit agencies effect the FICO?

Re: FICO score headed to zero -

Remedios — Mon, 27 Jan 2020 21:53:57 GMT

It would not affect the score if you have one
It would affect the ability of lender to pull your CR in case you do decide to apply.

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 22:03:26 GMT

Correct

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 22:34:48 GMT

Agreed with all of the above. Nothing about this sounds right. Check your Fico 8 scores and make sure everything is accurate!

Re: FICO score headed to zero -

Anonymous — Mon, 27 Jan 2020 22:37:45 GMT

Checking now, thanks for everyone’s input.